The insurance division of Bermudian-based Everest Re Group Ltd has expanded into Latin America after receiving regulatory approval to operate in Chile.

Everest Insurance will do so under the name Everest Compañía de Seguros Generales Chile S.A.

Senior vice-president and regional president of Latin America Pablo Korze will lead operations and a team of seasoned underwriters uniquely positioned to serve the growing needs of corporations across the Latin American market, the company said, with a flagship office in the Chilean capital of Santiago.

Mr Korze said: “As we continue to expand our Everest Insurance global footprint, we’re bringing our customer-first model, decades of underwriting discipline and financial strength to address the unique and growing needs of the Latin American market.

“We have assembled a deeply experienced team with a keen understanding of local market dynamics and challenges facing corporations who need the capacity and expertise across a wide expanse of insurance needs that Everest is known to deliver.”

The company said Everest’s bespoke breadth of insurance products will help fill a critical void for tailored risk solutions in the property, marine, casualty and financial lines sectors with the speed and agility required in the current insurance landscape.

“Building on the success of our world-class specialty insurance operations, we’re bringing the full strength of Everest resources and capital position to key regions like Chile and around the world where our expertise is needed most,” said Mike Karmilowicz, president & CEO, Everest Insurance.

“We are well-positioned, with first-class industry talent and a broad suite of specialty insurance products and capabilities to lead local corporate segments in Latin America, as we continue to expand our position as a preferred market leader.”